The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Retail Now Generates Half of Legg Mason's Revenue Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, November 18, 2014

Retail Now Generates Half of Legg Mason's Revenue

Reported by Neil Anderson, Managing Editor

"Our retail business now generates half of our total revenues."

Joe Sullivan, chairman, CEO and president of Legg Mason [profile], shared that tidbit and more recently on the mutual fund shop's second quarter fiscal 2015 earnings calls with analysts [see Seeking Alpha's transcript of the call]. Legg reported adjusted fiscal Q2 2015 (ended 9/30/2014) diluted earnings per share of $0.35, beating estimates by six percent but falling 59 percent year-over-year [see the earnings release]. Assets under management reached $707.8 billion on September 30, 2014, up 0.5 percent from June 30, 2014 and up 7.9 percent from September 30, 2013.

On the call, Sullivan told analysts that three-quarters of Legg's new retail sales positions in the U.S. are now filled.

"We have demonstrable momentum in Global Distribution," Sullivan stated on the call.

"We'll continue to invest in Global Distribution," Sullivan said later on the call in response to question from BofA Merrill Lynch analyst Michael Carrier," but we think we are well positioned today, and we are singularly focused on growth."

Though Sullivan and his team never mentioned the recent turmoil at fixed income giant Pimco, he did address what he called "an unusual and important moment with significant opportunity in fixed income for global managers with deep expertise, scale, the right products and strategies and compelling investment performance," managers like Legg's Western Asset Management Company (Wamco) and Brandywine. And analysts like Citigroup's Bill Katz didn't hesitate to talk about the Pimco fallout.

"The level of activity in RFps, in conversations with consultants and distribution partners has increased dramatically in the last 30 days," i.e. since Bill Gross left Pimco, Sullivan said on the call. He added that much of the fixed income opportunity "is the ongoing sort of normal course os business opportunity."

To dig deeper into Legg Mason's results, read the earnings report and Seeking Alpha's transcript of the earnings call. 

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

  1. MFDF Director Discussion Series - Open Forum via Zoom, December 7
  2. 2022 MMI Leadership Pathway Seminar, December 7
  3. 2022 Samfund Annual Celebration, December 7
  4. IMEA In Session - Cyber Security Trends, December 8
  5. U.S. Securities and Exchange Commission Investor Advisory Committee meeting, December 8
  6. MFDF webinar - Investment Valuation and Governance: Deloitte's 20th Annual Fair Valuation Pricing Survey, December 8
  7. Women in ETFs Philadelphia - Holiday Happy Hour With Project Home, December 8
  8. MMI webinar - Defining & Stimulating the Client Experience, December 9
  9. US SIF media webinar: US Sustainable Investing Trends 2022, December 12
  10. Vett Fi Advisor Perspectives Investment Insights Summit 2022, December 13
  11. IDC webinar - Spotlight on the SEC's Swing Pricing and Hard Close Proposals, December 14
  12. 2022 MMI Webinar Sponsored by the MMI Blockchain Finance Forum: Digital Asset Classification, December 14
  13. WE Boston: Annual Give Back Event 2022, December 14
  14. Nicsa webinar - Democratization of Private Assets, December 14
  15. MFDF In Focus: Closed-End Fund Activism, December 14
  16. Crane Data's Money Fund University, Dec 15-16
  17. Crane Data's Holiday Cocktail Party, December 15
  18. MFDF webinar - Impact of 2022 Mid-Term Elections on the Financial Industry, January 10, 2023
  19. IDC's Foundations for Fund Directors, January 11 - 12, 2023
  20. MFDF 2023 Directors' Institute, January 23 - 25, 2023
  21. Exchange: an ETF Experience, February 5 - 8, 2023
  22. 8th Annual Expect Miracles in Manhattan, February 16, 2023
  23. MFDF webinar - Fund Industry Claims Trends: An Insurer's Perspective, March 1, 2023
  24. MFDF 2023 Fund Governance & Regulatory Insights Conference, March 9 - 10, 2023
  25. Crane Data's Bond Fund Symposium, March 23 - 24, 2023
  26. 2023 MMI Summit, March 29 - 30, 2023

©All rights reserved to InvestmentWires, Inc. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use